IMMO MICHELDENOLF: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
IMMO MICHELDENOLF
NACE 31.004, Manufacture of dining room, living room, bedroom and bathroom furniture
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,694
2024 · €8,262+€1,432
Equity
€1.4m
2024 · €1.4m+€9,694
Cash
€6,247
2024 · €11,865-€5,618
Balance sheet total
€1.4m
2024 · €1.4m+€10,978
Largest movements
Assets
- Receivables after one year +€19,952
up €19,952 (+3.0%), from €674,181 to €694,133
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income +€1,783
up €1,783 (+35.9%), from €4,972 to €6,754
- Other operating charges +€1,150
up €1,150 (+3.5%), from €33,097 to €34,247
- Gross operating margin +€831
up €831 (+1.7%), from €49,444 to €50,275
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€8,262
Gross operating margin
+€831
Depreciation
+€0
Other operating charges
-€1,150
Financial income
+€1,783
Financial charges
-€51
Taxes
+€17
Result 2025
€9,694
raises the resultlowers the result
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€5,618
Investment
€0
Financing
€0
Cash 2024
€11,865
From operations (derived)
-€5,618
Net result for the year
+€9,694
Depreciation
+€12,643
Receivables after one year
-€19,952
Receivables within one year
-€2,536
Deferred charges and accrued income
-€6,750
Trade debts
+€1,507
Tax, wage and social debts
-€222
Cash 2025
€6,247
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,424,168 | €1,435,146 | +€10,978 | +0.8% |
| Fixed assets | 21/28 | €504,113 | €491,470 | -€12,643 | -2.5% |
| Tangible fixed assets | 22/27 | €503,970 | €491,327 | -€12,643 | -2.5% |
| Land and buildings | 22 | €486,922 | €481,147 | -€5,775 | -1.2% |
| Plant, machinery and equipment | 23 | €17,048 | €10,180 | -€6,868 | -40.3% |
| Financial fixed assets | 28 | €144 | €144 | = | 0.0% |
| Current assets | 29/58 | €920,055 | €943,676 | +€23,621 | +2.6% |
| Amounts receivable after more than one year | 29 | €674,181 | €694,133 | +€19,952 | +3.0% |
| Other amounts receivable | 291 | €674,181 | €694,133 | +€19,952 | +3.0% |
| Stocks and contracts in progress | 3 | €214,702 | €214,702 | = | 0.0% |
| Stocks | 30/36 | €214,702 | €214,702 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €156 | €2,692 | +€2,536 | +1,630% |
| Trade receivables | 40 | €0 | €2,688 | +€2,688 | |
| Other amounts receivable | 41 | €156 | €5 | -€151 | -97.0% |
| Cash at bank and in hand | 54/58 | €11,865 | €6,247 | -€5,618 | -47.3% |
| Deferred charges and accrued income | 490/1 | €19,152 | €25,902 | +€6,750 | +35.2% |
| Total equity and liabilities | 10/49 | €1,424,168 | €1,435,146 | +€10,978 | +0.8% |
| Equity | 10/15 | €1,420,180 | €1,429,873 | +€9,694 | +0.7% |
| Contributions | 10/11 | €1,202,600 | €1,202,600 | = | 0.0% |
| Reserves | 13 | €217,580 | €227,273 | +€9,694 | +4.5% |
| Tax-exempt reserves | 132 | €1,983 | €1,983 | = | 0.0% |
| Distributable reserves | 133 | €215,597 | €225,290 | +€9,694 | +4.5% |
| Amounts payable | 17/49 | €3,989 | €5,273 | +€1,284 | +32.2% |
| Amounts payable within one year | 42/48 | €3,989 | €5,273 | +€1,284 | +32.2% |
| Trade debts | 44 | €1,447 | €2,954 | +€1,507 | +104% |
| Suppliers | 440/4 | €1,447 | €2,954 | +€1,507 | +104% |
| Taxes, remuneration and social security | 45 | €222 | €0 | -€222 | -100% |
| Taxes | 450/3 | €222 | €0 | -€222 | -100% |
| Other amounts payable | 47/48 | €2,319 | €2,319 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,643 | €12,643 | -€0 | 0.0% |
| Other operating charges | 640/8 | €33,097 | €34,247 | +€1,150 | +3.5% |
| Gross operating margin | 9900 | €49,444 | €50,275 | +€831 | +1.7% |
| Operating profit (loss) | 9901 | €3,703 | €3,386 | -€318 | -8.6% |
| Financial income | 75/76B | €4,972 | €6,754 | +€1,783 | +35.9% |
| Recurring financial income | 75 | €4,972 | €6,754 | +€1,783 | +35.9% |
| Financial charges | 65/66B | €412 | €462 | +€51 | +12.3% |
| Recurring financial charges | 65 | €412 | €462 | +€51 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €8,263 | €9,678 | +€1,414 | +17.1% |
| Income taxes | 67/77 | €1 | -€16 | -€17 | |
| Profit (loss) for the period | 9904 | €8,262 | €9,694 | +€1,432 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,262 | €9,694 | +€1,432 | +17.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.